Bond Repurchases Continue
Despite criticism from the International Monetary Fund and other governments, Korea's bond refinancing program will continue Wednesday when the Korea Development Bank and creditor banks meet to decide on the August program. Up for discussion are 320 billion won ($244 million) of Hynix Semiconductor bonds, 140 billion won of Hyundai Petrochemical bonds, 13 billion won worth of bonds issued by Hyundai Engineering & Construction Co. and 24 billion won of Sungshin Cement Manufacturing Corp. securities. The creditors will purchase 80 percent of a company's bonds that mature in August if that company is included in the program.
with the Korea JoongAng Daily
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